Monterey Farming Corp. said its president and...

Monterey Farming Corp. said its president and founder, Alfred G. Scheid, has agreed in principle to acquire all of the outstanding shares of the Santa Monica-based firm not already owned by him from the E. F. Hutton Group, MFC’s principal shareholder. Scheid, who owns 22% of MFC’s outstanding shares, agreed to pay $6.50 per share for the 340,672 shares to be acquired for a total purchase price of $2,214,368. Of that amount, $1,384,682 will be paid to Hutton for its 48% interest in MFC and the balance will be paid to the other shareholders.